Key Financial Results - Standalone (₹ in lakhs)

Quarter Ended 31.03.2026 (Audited):

  • Revenue from operations: ₹1,79,417
  • Total Income: ₹1,80,414
  • Profit before tax: ₹24,482
  • Profit for the period: ₹17,932
  • Total Comprehensive Income: ₹18,198
  • EPS (Basic & Diluted): ₹21.53

Year Ended 31.03.2026 (Audited):

  • Revenue from operations: ₹4,35,053
  • Total Income: ₹4,37,997
  • Profit before tax: ₹19,908
  • Profit for the period: ₹14,750
  • Total Comprehensive Income: ₹14,305
  • EPS (Basic & Diluted): ₹17.71

Key Financial Results - Consolidated (₹ in lakhs)

Quarter Ended 31.03.2026 (Audited):

  • Revenue from operations: ₹1,79,417
  • Total Income: ₹1,80,414
  • Profit before tax: ₹24,495
  • Profit for the period: ₹17,982
  • Total Comprehensive Income: ₹18,249
  • EPS (Basic & Diluted): ₹21.59

Year Ended 31.03.2026 (Audited):

  • Revenue from operations: ₹4,35,053
  • Total Income: ₹4,37,997
  • Profit before tax: ₹19,956
  • Profit for the period: ₹14,136
  • Total Comprehensive Income: ₹13,691
  • EPS (Basic & Diluted): ₹16.97

Financial Highlights

  • Q4 FY26: Highest-ever quarterly revenue of ₹1,794 crores (8.57% YoY growth)
  • FY26: Highest-ever annual revenue of ₹4,351 crores (8.16% YoY growth)
  • Highest-ever Value of Production (VOP): ₹4,239 crores (8.58% YoY growth)
  • EBITDA: ₹281.33 crores in Q4
  • Interest cost reduced by 16.43% to ₹45.39 crores in Q4
  • Record closing order book: ₹15,896 crores as on 31.03.2026
  • Capex: All-time high of ₹379 crores (including CWIP of ₹191 crores)
  • R&D investment: Increased 150% to ₹251 crores (6.25% of revenue vs 2.57% previous year)

Dividend Declaration

The Board of Directors declared:

  • Second Interim Dividend: ₹2.30 per equity share of face value ₹5 each (46%)
  • Recommended Final Dividend: ₹0.55 per equity share of face value ₹5 each (11%)
  • Aggregating to ₹3.35 per equity share for FY 2025-26
  • First Interim Dividend of ₹2.50 per share was approved on 06.02.2026

Board Meeting Details

  • 420th Board Meeting held on 29.05.2026
  • Meeting commenced at 10:20 hours and concluded at 13:15 hours
  • Results approved by the Internal Committee of Functional Directors on 28.05.2026

Capital Structure

  • Equity Share Capital: ₹4,164 lakhs (unchanged)
  • Standalone Reserves: ₹2,86,695 lakhs (31.03.2026)
  • Consolidated Reserves: ₹2,89,133 lakhs (31.03.2026)
  • Debt Equity Ratio: 0.10 (Standalone and Consolidated)

Asset and Liability Position (Standalone as at 31.03.2026)

  • Total Assets: ₹6,98,612 lakhs
  • Non-current assets: ₹1,24,446 lakhs
  • Current assets: ₹5,74,166 lakhs
  • Total Equity: ₹2,90,872 lakhs
  • Non-current liabilities: ₹1,21,178 lakhs
  • Current liabilities: ₹2,86,562 lakhs

Cash Flow Statements (Standalone FY26)

  • Net cash flow from operating activities: ₹(34,519) lakhs
  • Net cash flow from investing activities: ₹(36,247) lakhs
  • Net cash flow from financing activities: ₹23,842 lakhs
  • Net increase in cash: ₹233 lakhs
  • Cash and cash equivalents at end: ₹671 lakhs

Subsidiaries and Associates

  • Vignyan Industries Ltd (96.56% subsidiary): Under voluntary liquidation process as per CCEA approval dated 08.09.2021
  • MAMC Industries Ltd (100% subsidiary): Incorporated for intended JV formation
  • Advance of ₹7,449.49 lakhs to MAMC Consortium (48% share with CIL and DVC) for acquiring specified assets of MAMC Ltd (under liquidation)
  • Advance of ₹624.01 lakhs to MAMC Industries Ltd
  • Investments in three Section 8 companies (not-for-profit): Communication (Defence) Testing Foundation, Systems Testing and Research for Advanced Materials Foundation, and UAS Testing Foundation (not consolidated)

Governance and Compliance

  • Statutory Auditors: M/s G Natesan & Co (FRN: 002424S) issued unmodified audit opinions
  • Audit Committee not constituted due to absence of independent directors on Board
  • Board composition non-compliant with Regulation 17(1) of SEBI LODR and Section 149 of Companies Act, 2013
  • As of 31.03.2026: 1 Nominee Director, 2 Independent Directors, 6 Executive Directors including CMD
  • Post year-end: Cessation of Independent Directors resulted in only 1 Government Nominee Director and 6 Executive Directors
  • Matter intimated to Ministry of Defence, Government of India; awaiting suitable orders
  • Exemption granted by MCA from publishing segment-wise information

Other Significant Notes

  • Labour Code implementation: Provided for actuarially valued liability of ₹26.20 lakhs for compensated leave and ₹114.60 lakhs for gratuity for Fixed Term Employees
  • Previous period figures regrouped and reclassified for comparability
  • Figures for quarter ended March are balancing figures between audited full year and published figures up to third quarter
  • EPS for 31.03.2025 adjusted for stock split on 03.11.2025 (adjusted EPS: Q4 FY25 ₹34.58, FY25 ₹35.32 standalone; Q4 FY25 ₹34.52, FY25 ₹35.12 consolidated)

Auditor Emphasis and Other Matters

Standalone Audit Report (Emphasis of Matter):

  • Note regarding company's outlay on MAMC Consortium and advance to MAMC Industries Ltd

Consolidated Audit Report (Emphasis of Matter):

  • Note regarding holding company's outlay on MAMC Consortium and advance to subsidiary MAMC Industries Ltd

Consolidated Audit Report (Other Matters):

  • Financial information of subsidiaries audited by other auditors: Vignyan Industries Ltd (total assets ₹2,920.52 lakhs, revenue ₹221.75 lakhs) and MAMC Industries Ltd (total assets ₹404.03 lakhs, revenue loss ₹9.60 lakhs)
  • Investments in three Section 8 companies not consolidated
  • JV company BEML Mid-West Ltd (45% share) under liquidation per NCLT order dated 20.10.2023
  • Board composition non-compliance as detailed above

Declaration

Anil Jerath, Director (Finance) & CFO, declared that Statutory Auditors issued Audit Reports with unmodified opinion on Annual Audited Financial Results.